Economy of the Philippines

Makati, the financial capital of the Philippines
Currency	Philippine peso (Filipino: piso; sign: ₱; code: PHP)
Fiscal year	Calendar year
Trade organisations	APEC, ASEAN, WTO, EAS, AFTA, ADB, and others
Statistics
GDP	$284.556 billion nominal (2014)[1] $692.223 billion PPP (2014)[1]
GDP rank	39th nominal (2014) 29th PPP (2014)
GDP growth	5.6% (Q2 2015)[2]
GDP per capita	$2,828 (2014)[1] (nominal 126th) $6,986(2014) (PPP) [1]
GDP by sector	10.03% agriculture 33.25% industry 56.72% services (2014)[3]
Inflation (CPI)	0.8% (July 2015)
Population below poverty line	24.9%[4]
Gini coefficient	43.0 (2009)[5]
Labour force	64.80 million (April 2015)[6]
Labour force by occupation	services: 53%, agriculture: 32%, industry: 15% (2012 est.)[7]
Unemployment	6.4% (April 2015)[8]
Main industries	electronics assembly, Business Process Outsourcing, garments, shipbuilding, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing[9]
Ease-of-doing-business rank	95th[10]
External
Exports	$61.81 billion (2014)[11]
Export goods	semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits[9]
Main export partners	Japan 21.3%  United States 14.7%  China 12.4%  Hong Kong 8.0%  Singapore 7.3%  South Korea 6.0%  Germany 4.1%  Taiwan 3.5%  Thailand 3.4%  Netherlands 3.1% (2013 est.)[12]
Imports	$69.16 billion (2014)[13]
Import goods	electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic[9]
Main import partners	China 12.9%  United States 11.2%  Japan 8.4%  Taiwan 7.8%  South Korea 7.7%  Singapore 6.8%  Thailand 5.4%  Saudi Arabia 4.5%  Indonesia 4.5%  Germany 3.8 (2013 est.)[14]
Gross external debt	$58.5 billion (2013)[15]
Public finances
Public debt	37.3 % of GDP (Q3 2014)[16]
Revenues	$58.97 billion (2016 est.)
Expenses	$65.73 billion (2016 est.)
Economic aid	$1.67 billion[17]
Credit rating	Standard & Poor's:[18] BBB (Domestic) BBB (Foreign) BBB+ (T&C Assessment) Outlook: Stable[19] Moody's:[20] Baa2 Outlook: Stable Fitch:[21] BBB- Outlook: Positive
Foreign reserves	$85.761 billion (January 2013)[22]
All values, unless otherwise stated, are in US dollars.

The Economy of the Philippines is the 39th largest in the world, according to 2014 International Monetary Fund statistics, and is also one of the emerging markets.^[23] The Philippines is considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. In 2014, GDP by Purchasing power parity was estimated to be at $692.223 billion.^[24]

Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, and Thailand. It is currently one of Asia's fastest growing economies. However, major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.

Macroeconomic trends[edit]

The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2014 reported it as the 39th largest economy in the world. However its growth has been behind that of many of its Asian neighbors, the so-called Asian Tigers, and it is not a part of the Group of 20 nations. Instead it is grouped in a second tier for emerging markets or newly industrialized countries. Depending on the analyst, this second tier can go by the name the Next Eleven or the Tiger Cub Economies.

In the years 2012 and 2013, the Philippines posted high GDP growth rates, reaching 6.8% in 2012 and 7.2% in 2013,^[25][26][27] the highest GDP growth rates in Asia for the first two quarters of 2013, followed by China and Indonesia.^[28]

A chart of selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.^[29][30]

GDP growth at constant 1985 prices in Philippine pesos:^[29][34][35]

Composition by sector[edit]

As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy.^{[citation needed]} Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.

Filipinos who go aboard to work–-known as Overseas Filipino Workers or OFWs—are a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's.^[36] In 1994, more than $2 billion USD worth of remittance from Overseas Filipinos were sent to the Philippines.^[37] In 2012, Filipino Americans sent 43% of all remittances sent to the Philippines, totaling to $10.6 billion USD.^[38]

Agriculture[edit]

Pineapples on a fruit stand in Cagayan de Oro.

Sacks of raw sugar in the Philippines.

Agriculture employs 32% of the Filipino workforce as of 2013, according to World Bank statistics.^[39] Agriculture accounts for 12% of Philippines GDP as of 2013, according to the World Bank.^[40] The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.

The Philippines is the world's largest producer of coconuts producing 19,500,000 tons in 2009. Coconut production in the Philippines is generally concentrated in medium-sized farms.^[41] By 1995, the production of coconut in the Philippines had experienced a 6.5% annual growth and later surpassed Indonesia in total output in the world.^[42] The Philippines is also the world's largest producer of pineapples, producing 2,198 thousand metric tons in 2009.^[43]

Rice production in the Philippines is important to the food supply in the country and economy. The country is the 8th largest rice producer in the world, accounting for 2.8% of global rice production.^[44] The Philippines was also the world's largest rice importer in 2010.^[45] Rice is the most important food crop, a staple food in most of the country. It is produced extensively in Luzon, the Western Visayas, Southern Mindanao, and Central Mindanao.

The Philippines is one of the largest producers of sugar in the world according to Food and Agriculture Organization of the United Nations Statistics Division.^[46] At least 17 provinces located in 8 regions of the country have grown sugarcane crops, of which Negros island accounts for half of the country’s total production. As of Crop Year 2012-2013, 29 mills are operational divided as follows: 6 mills in Luzon, 13 mills in Negros, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao.^[47] A range from 360,000 to 390,000 hectares are devoted to sugarcane production. The largest sugarcane areas are found in Negros which accounts for 51% of sugarcane areas planted. This is followed by Mindanao which accounts for 20%; Luzon, 17%; Panay islands, 7% and Eastern Visayas, 4%.^[48]

Shipbuilding and repair[edit]

The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas.^[49][50] It became the fourth largest shipbuilding nation in 2010.^[51][52] Subic-made cargo vessels are now exported to countries where shipping operators are based. South Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators.^[53] The country’s shipyards are now building ships like bulk carriers, container ships and big passenger ferries. General Santos' shipyard is mainly for ship repair and maintenance.^[54]

Being surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. On top of the current operating shipyards, two additional shipyards in Misamis Oriental and Cagayan province are being expanded to support future locators. It has a vast manpower pool of 60,000 certified welders that comprise the bulk of workers in shipbuilding.

In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair.^[55]

Automotive[edit]

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Ford,^[56] Toyota,^[57] Mitsubishi, Nissan and Honda are the most prominent automakers manufacturing cars in the country.^{[citation needed]} Kia and Suzuki produce small cars in the country. Isuzu also produces SUVs in the country. Honda and Suzuki produce motorcycles in the country. A 2003 Canadian market research report predicted that further investments in this sector were expected to grow in the following years. Toyota sells the most vehicles in the country.^[58] By 2011, China's Chery Automobile company is going to build their assembly plant in Laguna, that will serve and export cars to other countries in the region if monthly sales would reach 1,000 units.^[59] Automotive sales in the Philippines moved up from 165,056 units in 2011 to over 180,000 in 2012. Japan’s automotive manufacturing giant Mitsubishi Motors has announced that it will be expanding its operations in the Philippines.^[60]

Aerospace[edit]

Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio in the Cordillera region. The company produces aircraft actuators in their manufacturing facility.

In 2011, the total export output of aerospace products in the Philippines reached US $3 billion.^[61]

Electronics[edit]

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world.^[62] Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world.^[63] Until 2005, Toshiba laptops were produced in Santa Rosa, Laguna. Presently the Philippine plant's focus is in the production of hard disk drives. Printer manufacturer Lexmark has a factory in Mactan in the Cebu region. Electronics and other light industries are concentrated in Laguna, Cavite, Batangas and other CALABARZON provinces with sizable numbers found in Southern Philippines that account for most of the country's export.

The Philippine electronics industry began in the mid-seventies when industrialized nations relocated their production facilities to third world countries in order to control the escalating cost of production. The Philippines was an ideal relocation site due to its cost competitive, highlyeducated and English-speaking labor. Other factors included the country’s geographical location (being at the crossroads of international trade), and attractive government incentives. The conditions that encouraged foreign electronics companies to turn to the Philippines have remained and have been further enhanced by the country’s political transition to popular democracy in 1986. Since then, the industry has grown rapidly and overtook agriculture as the leading export earning industry in 1996.

The Philippine electronics industry covers the following sub-sectors: (1) Semiconductors and Other Components This is the biggest sub-sector of the electronics industry consisting of companies manufacturing integrated circuits (ICs), transistors, diodes, resistors, capacitors, coils, transformers, PCBs and other components. Major players in this sub-sector are the subsidiaries of some of the world’s biggest semiconductor companies such as Texas Instruments, Philips, Amkor, Fairchild Semiconductor, etc. (2) Electronic Data Processing (EDP) Equipment This sub-sector consists of companies engaged in the manufacture of computers, peripheral storage and input/output devices. Among the finished products are laptops, desktop PCs, printers, computer monitors, drives: hard disk, optical, ZIP and CD-ROM. Companies engaged in the manufacture of EDP are Toshiba, Wistron Infocomm (formerly Acer), Epson, Fujitsu, Ionics and Sampo Technologies. The Philippines proudly supplies fifty percent (50%) of the world demand for 2.5” HDD and ten percent (10%) of world demand for 3.5” HDD. (3) Office Equipment This sub-sector includes companies, which are into production of photocopiers, fax machines and electronic calculators. Companies in this sub-sector include Masushita Business Machines, Sharp and Seiyo Electronics. Telecommunications Equipment Included in this sub-sector are companies producing telephone sets, modems, copper communication cables and fiber optic cables. Manufacturers include ETSI Technologies, Eupen Cable and NEC Technologies. (5) Communications and Radar Companies in this sub-sector comprised mainly of manufacturers of cellular phones, pagers, closed circuit television (CCTV), CB transceivers, radar detectors, marine and land mobile radios. Leading players include Matsushita Communication, Uniden, Casio and Euro CB. (6) Control and Instrumentation This sub-sector refers to test and measuring instruments such as oscilloscopes, signal generators, ammeters, voltmeters, ohmmeters, cross talk meters, etc. Philippine-based companies in this sub-sector consist of manufacturers of PCB assemblies for instrumentation/testing equipment, digital thermometers, microscope, automotive test equipment and multi-testers. Players include Precision Microcircuits, Sara Digital Network, Phil Makoto Corp., and Insung Phils. Electronics. (7) Medical and Industrial This sub-sector covers equipment used for X-ray and other medical applications, railway signaling, security and fire alarms. Philippine-based companies are involved in the production of spiro analyzers and smoke detectors. One of the leading players is P. Imes Corp. (8) Automotive Electronics Companies in this sub-sector comprised mainly of manufacturers of car stereos, Anti-Skid Brake Systems (ABS), and Car Body Electronics (CBE). Major players include Temic Automotive, Fujitsu Ten, Muramoto Audio-Visual Phils., and Clarion Mfg. (9) Consumer Electronics Consumer electronics manufacturing in the country primarily consists of TV sets, VCD players, electronic games, radio cassette players and karaoke machines. Major players include Panasonic Manufacturing Philippines Corporation (PMPC), Sony, Sharp, LG –Collins and JVC. (10) Solar/ Photovoltaics This emerging subsector of the electronics industry consist of devices that make use of solar cells in producing electricity for practical use. The presence of big international companies such as SunPower Manufacturing Ltd. (SPML) and Solaria Corporation helps in positioning the Philippines as a solar manufacturing hub in Asia. EXPORTS The Philippine electronics industry remains to be the major contributor to the economy, accounting for 61.18% of total exports for 2010. As shown in Figure 1, exports of electronic products dropped by 28.17% from US$28.501 billion in 2008 to US$22.182 billion in 2009, as a result of the global economic crisis during that period. However, the industry posted a 41% increase in exports from US$22.182 billion in 2009 to US$31.079 billion in 2010.

Telecommunications suffered the biggest decline in exports with a negative 34.19% growth rate from 2009 to 2010, while Communication/ Radar products showed the highest growth rate at 77.5%. Semiconductors, EDP, Communication/ Radar, and Medical/ Industrial products registered positive growth rates. On the other hand, Automotive Electronics, Consumer Electronics, Office Equipment, Control/ Instrumentations, and Telecommunications recorded negative growth rates.

INVESTMENTS Investments climate in the Philippines is very liberalized. 100% foreign ownership is allowed in certain areas of investments. In 2010, investments in the industry registered its highest value at US$2.27 Billion.

A. Historical Data (10 years) Promising inflow of Investments in the electronics sector in the Philippines for the last ten (10) years is summarized below (Table 3). It may be noted, however, that investments in the industry declined in 2008 and 2009 due to the global economic crisis. Table 3 YEAR INVESTMENTS 2001 US$ 720 Million 2002 270 Million 2003 230 Million 2004 443 Million 2005 776 Million 2006 747 Million 2007 1.4 Billion 2008 400 Million 2009 484 Million 2010 2.27 Billion

CHARACTERISTICS OF THE INDUSTRY (1) Dominated by Multinational Corporations Multinational companies who have put up their firms in the Philippines include Intel and Texas Instruments from the United States, Continental Temic and NXP (formerly Philips) from Europe, Sony, Toshiba, Hitachi and Fujitsu from Japan, Samsung from South Korea and Acer and OSE from Taiwan. (2) Export- Oriented Very little of the output of the industry is sold in the country as domestic competition is weak for these products except for consumer electronics. Majority of the output of the electronic firms is sold to their parent companies. Thus, majority of the sales of electronic firms represent export sales. (3) Engaged in assembly and test manufacturing activities The Philippine electronics industry’s expertise has been widely accepted to be in backend semiconductor operations and assembly & test. However, there are several firms that are also into Electronics Manufacturing Services (EMS) and a few Filipino SMEs into Original Design Manufacturing (ODM). This makes the industry an important source of employment

(4) High Quality and Productivity Emphasis on high quality products and services and the drive towards higher productivity among workers and production facilities is very important in the industry as more and more of these firms adapt the best-known methods in manufacturing such as JIT, TQM, 5S, etc. In addition, most Philippine electronics firms are ISO-certified and have in-house training capabilities making it more attractive to foreign investors to expand or relocate their businesses here. A typical electronic company in the Philippines operates with clean rooms and fully integrated manufacturing facilities. (5) Growing Base of Components Supplier It can be said that the industry is highly competitive as multiple players are found in each sub-sector. The presence of a growing base of components supplier boost the country’s image as ideal relocation site as there will be a lesser need to look for component parts outside the country. This complements the industry as it offers a wide variety of products and services ranging from IC Packaging, PCB assembly and full product assembly.

MARKET OPPORTUNITIES/ POTENTIAL PLAYERS A. Integrated Industry-Government Strategy for Market Growth (1) Shift from its present electronics product portfolio to Electronics Manufacturing Services (EMS) and later to other segments of the electronics value chain which offers spillover/linkage opportunities. (2) Investments promotion for Solar Power, Aerospace, Automotive, Medical and Military Companies. B. Supply Chain Development (1) Supplier Development/Matching (for robust supplier base)

INDUSTRY ISSUES AND CONCERNS (1) Quality, Reliability and Cost (2) Cost and Availability of Infrastructure (Power, Water, Transportation, etc.) (3) Time to Market (4) Retention and Migration of IC Design Engineers (5) Development of Electronics Supply and Value Chain (6) Increasing market restrictions (7) Increased focus on energy reduction (8) Environmentally conscious electronics (9) Growth of Automotive Electronics (10) Convergence (Driven by Wireless/ Portable Products) (11) Medical Electronics (12) Miniaturization and thinner products (13) Emergence of Solar/ Photovoltaics

GLOBAL TRENDS (1) Opportunities in the Solar Industry Solar energy is one segment in printed electronics in which there are rising hopes of a major breakthrough in terms of technology and production processes. Germany is currently a worldwide leader for the application of solar cells for the generation of heating and electricity. The solar power industry has a potential to have a significant impact on cities and communities in the form of local capital investment and the creation of long-term jobs in a rapidly growing, high technology industry. The industry is composed of large and big companies which push their own technologies. However, even with the tight competition, the playing field offers wide opportunities for developing countries such as the Philippines, particularly in manufacturing and in the downstream and applications areas of the value chain. The Philippines’ semiconductor and electronics industry is working closely with local universities, industries, and investors with the aim of offering significant opportunities for innovation, particularly in solar energy applications development and manufacturing-process reengineering and optimization. To date, the Philippines is home to two (2) large solar companies, namely; SunPower Manufacturing Ltd. (SPML) and Solaria Corporation. SunPower alreadyhas two (2) manufacturing facilities in Philippines and together with the First Philippine Electric Corporation (First Philec), a joint-venture project was formed, which paved the way for the creation of First Philec Solar Corporation (FPSC). FPSC, which is the first large-scale silicon-wafer-slicing company in the Philippines envisions to have 100 multi-wire saws producing 240 million wafers annually to support approximately 720 megawatts of solar energy. Solaria, which is a Silicon Valley-based company, manufactures solar panels in the Philippines. It operates locally through contract manufacturer Ionics EMS. According to the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI), companies like Solaria and SunPower represent the magnets helping to attract other pieces of the solar supply chain that specialize in things such as solar glass, frames, equipment design, automation, etc. In order to fully utilize the wide array of economic benefits, Philippines must leverage the presence of existing solar companies to jump-start its own local solar industry. SEIPI’s new goal is to make the Philippines as a Solar Manufacturing hub in Asia.

(2) Breakthroughs in Printed Electronics Printed electronics would make increasing demands for greater quality and process controls, particularly since the range of production processes is widening (WT Technical Research, Finland). Components like optoelectronic devices, sensors, indicators and power sources can be integrated with printed systems on web, sheet or foil. This is the case with OLED displays, signage, solar cells and miniaturized fuel cells. Merck Chemicals (Chilworth, England), the organic electronics subsidiary of Merck KGaA of Germany is concentrating on the development of materials and printable formulations for organic electronic applications and is involved with partners in projects for the co-development of printing processes and of components and devices. Over the next few years, matching materials with the most suitable and cost effective processes is likely to be a priority among companies in printed electronics in Europe. (3) Green Campaign European reaction to an ever-growing mountain of discarded cell phones, computers, televisions, MP3 players, and other electronics equipment has put electronic companies in Asia and elsewhere in a scramble to respond. Two recent European Union (EU) directives aim to boost recycling of old electronics, curtail use of hazardous substances in manufacturing, and improve the environmental performance of producers. These tough "green" regulations could serve as trade barriers to electronics exports to China, the world's third-largest trading country.

Mining and extraction[edit]

Geothermal power station in Negros Oriental.

The country is rich with mineral and geothermal energy resources. In 2003, it produced 1931 MW of electricity from geothermal sources (27% of total electricity production), second only to the United States,^[64] and a recent discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is already being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist.

About 60% of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58%. In 1999, however, mineral production declined 16% to $793 million.^{[citation needed]} Mineral exports have generally slowed since 1996. Led by copper cathodes, Philippine mineral exports amounted to $650 million in 2000, barely up from 1999 levels. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.^{[citation needed]}

The industry rebounded starting in late 2004 when the Supreme Court upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies.^{[citation needed]} However, the DENR has yet to approve the revised Department Administrative Order (DAO) that will provide the Implementing Rules and Regulations of the Financial and Technical Assistance Agreement (FTAA), the specific part of the 1994 Mining Act that allows 100% foreign ownership of Philippines mines.^{[citation needed]}

Offshoring & outsourcing[edit]

Cebu IT Park in Cebu

A business process outsourcing office in Bacolod

In 2008, the Philippines has surpassed India as the world leader in business process outsourcing.^[65][66] The majority of the top ten BPO firms of the United States operate in the Philippines.^{[citation needed]} Total jobs in the industry grew to 100,000 and total revenues were placed at $960 million for 2005. In 2012, BPO sector employment ballooned to over 700,000 people and is contributing to a growing middle class. BPO facilities are located mainly in Metro Manila and Cebu City although other regional areas such as Baguio, Bacolod, Cagayan de Oro, Clark Freeport Zone, Dagupan, Davao City, Legazpi, Dumaguete, Lipa, Iloilo City, and CamSur are now being promoted and developed for BPO operations.

Call centers began in the Philippines as plain providers of email response and managing services and is now a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business to business support. Business process outsourcing (BPO) is regarded as one of the fastest growing industries in the world. The Philippines is also considered as location of choice due to its many outsourcing benefits such as less expensive operational and labor costs and high proficiency in spoken English and highly educated labor pool. In 2011, the business process outsourcing industry in the Philippines generated 700 thousand jobs^[67] and some US$11 billion in revenue,^[68] 24 percent higher than 2010. By 2016, the industry is projected to reach US$27.4 billion in revenue with employment generation to almost double at 1.3 million workers.^[69]

BPOs and the call center industry in general is also credited for the Philippines' recent economic growth resulting to investment status upgrades from credit ratings agencies such as Fitch and S&P.^[36]

Regional Accounts[edit]

Gross Regional Domestic Product (GRDP) is GDP measured at regional levels. Figures below are for the year 2014:

Note: Green-colored cells indicate higher value or best performance in index, while yellow-colored cells indicate the opposite.

Economic indicators and international rankings[edit]

Organization	Title	As of	Change from previous	Ranking
International Monetary Fund	Gross Domestic Product (PPP)	2014	()	30th[70]
International Monetary Fund	Gross Domestic Product (nominal)	2014	()	39th[71]
International Monetary Fund	GDP per Capita (PPP)	2014	( 1)	119th[72]
International Monetary Fund	GDP per Capita (nominal)	2014	()	128th[73]
International Monetary Fund	Foreign Reserves	2014	( 1)	26th[74]
United Nations	Population	2013	()	12th[75]
United Nations	Land Area	2013	()	73rd[76]
Population Commission	Population Density	2014		40th out of 242th[77]
World Health Organization	Life Expectancy	2014		112th out of 193st[78]
Central Intellegence Agency	Literacy Rate	2014		108th out of 194nd[79]
The World Factbook	External Debt	2014	( 3)	57th[80]
United Nations	Human Development Index	2014	( 1)	117 out of 187[81]
World Economic Forum	Global Competitiveness	2014	( 6)	52 out of 148[82]
Fraser Institute	Economic Freedom of the World	2014	( 5)	51 out of 144[83]
World Economic Forum	Global Gender Gap Report	2014	( 4)	9 out of 142[84]
World Economic Forum	Travel and Tourism Competitiveness	2015	( 8)	74 out of 140[85]
World Economic Forum	Global Enabling Trade Report	2014	( 8)	64 out of 138[86]
World Bank	Ease of Doing Business	2014	( 13)	95 out of 183[87]
Transparency International	Corruption Perceptions Index	2014	( 9)	85 out of 177[88]
Heritage Foundation/The Wall Street Journal	Index of Economic Freedom	2014	( 8)	89 out of 178[89]
The Economist Intelligence Unit	Global Peace Index	2013	( 5)	134 out of 158[90]
Reporters Without Borders	Press Freedom Index	2015	( 6)	141 out of 178[91]
World Economic Forum	Financial Development Index	2012	( 5)	49 out of 60[92]

Statistics[edit]

Percentage of population in 2007 living below poverty line, by province. Provinces with darker shades have more people living below the poverty line.

Filipino exports in 2006

Graphical depiction of Philippines' product exports in 28 color-coded categories.

Most of the following statistics are sourced from the International Monetary Fund - Philippines (as of 2012; figures are in US dollars unless otherwise indicated).

• GDP - purchasing power parity: $751.770 billion (2015)
• GDP - real growth rate: 5.6% (Q2 2015)
• GDP per capita purchasing power parity: $6,985.680 (2014)
• GDP nominal: $330.259 billion (2015)
• GDP per capita: $2,913.344 (2014)^[96]
• GDP - composition by sector:

  agriculture: 11.2%

  industry: 31.6%

  services: 57.2% (2013 est.)^[9]

• Population below poverty line: less than $1.25 / 10.41% (2009)
  less than $2 / 25.2% (2012),^[97] 26.3% (2009),^[97] 32.9% (2006 est.)^[9]
• Household income or consumption by percentage share:

  lowest 10%: 2.4%

  highest 10%: 31.2% (2006)^[9]

• Inflation rate (consumer prices): 0.8% (July 2015), 4.9% (July 2014), 5.3% (2011 est.),^[9] 3.5% (September 2010)^[98]
• Labor force: 59.81 million (2011 est.)^[9]
• Labor force by occupation:

  agriculture 32%

  industry 15%

  services 53% (2012 est.)^[9]

• Unemployment rate:6.4% (April 2015), 7.5% (January 2014),^[97][99] 7.5% (April 2013),^[99] 6.9% (April 2012),^[99] 7.2% (April 2011)^[100]
• Budget:

  revenues: $34.58 billion (2013),^[101] $31.99 billion (2011 est.)^[9]

  expenditures: $44.29 billion (2013),^[101] $36.71 billion (2011 est.)^[9]

• Foreign Reserves: US$85.761 billion (January 2013)^[102]
• Industries: electronics assembly, shipbuilding, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
• Industrial production growth rate: 12.1% (2010 est.)^[9]
• Electricity - production: 59.19 billion kWh (2009 est.)^[9]
• Electricity - consumption: 54.4 billion kWh (2009 est.)^[9]
• Electricity - exports: 0 kWh (2007)^[9]
• Electricity - imports: 0 kWh (2007)^[9]
• Agriculture - products: sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish^[9]
• Exports: $53.98 billion (2013)^[103]$54.17 billion (2011 est.); $69.46 billion (2010 est.)^[9][104]
• Exports - commodities: semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits^[9]
• Exports - partners: China 19%, United States 13.4%, Singapore 13.2%, Japan 12.8%, Hong Kong 7.6%, Germany 4.2%, South Korea 4.1% (2010)^[9]
• Imports: $61.831 billion (2013),^[103] $68.84 billion (2011 est.)^[9]
• Imports - commodities: electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic^[9]
• Imports - partners: Japan 14.1%, China 13.6%, United States 9.9%, Singapore 9.3%, Thailand 6.5%, South Korea 5.6%, Indonesia 4.1% (2010)^[9]
• Debt - external: $62.41 billion (31 December 2011 est.)^[9]
• Currency: 1 Philippine peso (₱) = 100 centavos
• Exchange rates: Philippine pesos (PHP) per US dollar - 44.39 (2014 average),^[105] 42.43 (2012 average),^[105] 43.44 (2011), 45.11 (2010), 47.68 (2009), 44.439 (2008), 46.148 (2007), 51.246 (2006),^[9] 55.086 (2005^{[citation needed]})

Government budget[edit]

The national government budget for 2016 has set the following budget allocations:^[106]

See also[edit]

	Economy portal
	Philippines portal

• List of companies of the Philippines
• Next Eleven
• Tiger Cub Economies
• Newly Industrialized countries
• Economy of Asia
• Emerging markets
• Bamboo network

References[edit]

Further reading[edit]

• Balisacan, Arsenio; Hal Hill (2003). The Philippine Economy: Development, Policies, and Challenges. New York: Oxford University Press. p. 496. ISBN 978-0-19-515898-4 
• Balisacan, Arsenio; Hal Hill (2007). "The Dynamics of Regional Development: The Philippines in East Asia" (PDF). Cheltenham, UK: Edward Elgar 
• Bhagwati, Jagdish and Anne Krueger. (1974). Foreign Trade Regimes and Economic Development. National Bureau of Economic Research.
• Kang, David C. (2002). Crony Capitalism – Corruption and Development in South Korea and the Philippines. Cambridge University Press. ISBN 978-0-521-00408-4.
• Villegas, Bernardo. (2010). The Philippine Advantage (3rd ed.). Manila: University of Asia and the Pacific.
• State of the Philippine Islands A book written by a Spaniard during the early 19th century that studies the economic conditions of the Philippines which was then, a colony of Spain. An online book published by Filipiniana.net.
• Philippines - Asia's new tiger economy
• Philippines' opportunity point

External links[edit]

• Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
• National Statistical Coordination Board
• Department of Trade and Industry
• Department of Finance
• Philippine Stock Exchange
• National Federation of Sugarcane Planters
• Department of Tourism
• Philippines Business Brokers
• Philippine Economic Zone Authority
• Philippines 10th Regular Foreign Investment Negative List

Trade

• World Bank Summary Trade Statistics Philippines 2012
• Tariffs applied by the Philippines as provided by ITC's Market Access Map, an online database of customs tariffs and market requirements

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